On October 12, the signing ceremony of Shenzhen Capital Holding's transfer of CIMC's share agreement was held in Shenzhen. After the signing and the completion of the subsequent approval process, Shenzhen Capital and its designated wholly-owned subsidiary will acquire part or all of the company’s shares held by four shareholders, which will have an impact on the future development of CIMC.
After the completion of this share transfer, Shenzhen Capital Holdings will hold a total of 29.74% of CIMC's shares, becoming the largest shareholder of the company. Since Shenzhen Capital Holdings is a 100% wholly-owned subsidiary of SASAC, it also represents that SASAC will officially invest in CIMC.
After the completion of the transaction, COSCO Container Industry Still holds a minority stake in CIMC, and the three parties involved, Chang Yu, Broad Ride Limited and Promotor Holdings Limited, no longer own shares.
Shenzhen Capital Holdings will become the largest shareholder of CIMC. The original shareholder, China Merchants International Investment holds 880,429,220 H shares of CIMC (accounting for 24.49% of the total capital stock of the company as of the signing date of the agreement), and will become the second largest shareholder of CIMC.
Source: Sarah Yu, XINDE MARINE NEWS
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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